December 2012 Housing Starts in Oshawa

Real Estate — January 9, 2013

TORONTO, ONTARIO--(Marketwire - Jan. 9, 2013) - Housing starts in Oshawa Census Metropolitan Area (CMA) were trending at 1,492 units in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)¹ of housing starts. The standalone monthly SAAR was 1,702 units in December, up from 1,234 in November.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

"In 2012, the apartment segment in Oshawa was responsible for a greater than usual share of housing starts. Limited growth in employment this year impacted demand for low-rise homes," said Inna Breidburg, CMHC's Market Analyst for Oshawa CMA.

Single-detached starts added 96 units in December 2012 compared to 87 units a year earlier. On an annual basis, in 2012, single-detached new home construction sector experienced 17 per decline. Thanks to strong apartment starts, at 1,809 units, total home starts were only three per cent lower than in 2011.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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¹ All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

To view the tables and graph associated with this press release, please visit the following link: http://media3.marketwire.com/docs/CMHC0108845541E.pdf

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Contact Information

Market Analysis Contact:
Inna Breidburg
416 218-3425
ibreidbu@cmhc.ca

Media Contact:
Beth Bailey
416 218-3355
bbailey@cmhc.ca